- Appointment of a Director
- Authorisation of Buy-Back plan
Milan , 06 June 2013 - The Shareholders of Autogrill S.p.A. (Milan: AGL IM) met today under the chairmanship of Gilberto Benetton in an ordinary session.
2012 Separate Financial Statements Approved
At the Shareholders’ meeting, the 2012 separate financial statements of Autogrill S.p.A. were examined and approved; the Shareholders also deliberated to carry over the loss of €14.5m for the year.
The Shareholders also examined the consolidated financial statements for financial year 2012, which closed with revenues of €6,077.6m, an increase of 4% (-0.1% at constant exchange rates) compared to €5,844.6m in 2011. The Group's internationalisation strategy, embarked on years ago, has made it increasingly competitive at a global level. In 2012, the Group topped €6 billion in revenues for the first time in its history.
The year 2012 was characterised by a strengthening of the airport business in each sector and by development in emerging markets. The most significant result is that: in travel retail, the Group won tenders for Spanish airports, entered into Germany and Brazil and, in food & beverage, it entered into Turkey and the United Arab Emirates. The year was also characterised by the early renewal of two important contracts in the Group’s portfolio for its f&b businesses in the Atlanta and Amsterdam airports.
Consolidated Ebitda was €589.9m, a 4.4% decrease (-8.4% at constant exchange rates) compared to €617m in 2011. Net profits were €96.8m, a drop from the €126.3m of profits in 2011, which included €8m of non-recurring income from the disposal of the Flight business. The net financial position as of 31 December 2012 was €1,494.7m, an improvement of €58.1m on € 1,552.8m at 31 December 2011.
Appointment of a Director
After thanking former Director Francesco Giavazzi, who held the office of Director of the Company for several years with great professionalism, the Shareholders appointed Carolyn Dittmeier as the new non-executive independent Director.
Authorisation to purchase treasury shares
The Shareholders authorised the purchase and possible disposal of up to 12,720,000 ordinary treasury shares (5% of the share capital), subject to revocation of the resolution voted by the Shareholders on 19 April 2012 without prejudice to the transactions that have already been carried out. The purpose of the authorisation is to carry out investment operations and to set up of a pool of securities, directly or through intermediaries, as allowed by current legislation. It may also be used for share capital transactions or other operations for which it is necessary or advisable to trade or transfer stock as well as for incentive plans (stock option and stock grant plans) for executive directors and/or the employees of the Company and/or its subsidiaries. The authorisation will last for 18 months from the Shareholders’ resolution date. The Company currently holds 1,004,934 treasury shares, representing around 0.395% of the share capital.
Report on Remuneration
The Shareholders also examined the Report on the Group’s Remuneration Policy as well as the long-term incentive plans approved by the Board of Directors. The Shareholders expressed their approval of such plans.